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Associated British Foods (GB:ABF)
LSE:ABF
UK Market
ABF
Associated British Foods
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Associated British Foods (ABF) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date
Nov 10, 2026
TBA (Confirmed)
Period Ending
2026 (Q4)
Consensus EPS Forecast
0.87
Last Year’s EPS
0.96
Same Quarter Last Year
Analyst Consensus
Moderate Sell
Based on 11 Analysts Ratings

Earnings Call Summary

Q2 2026
Earnings Call Date:Apr 28, 2026|
% Change Since:
|
Earnings Call Sentiment|Neutral
The call presented a mixed picture: clear operational progress at Primark (UK turnaround, digital traction, international roll-out) and continued investment and brand momentum in Foods, balanced against material near-term financial headwinds including an 18% drop in group adjusted operating profit, a revised full-year loss expectation for Sugar, Grocery profit declines and higher markdowns. The company emphasizes a strong balance sheet, active capital returns and multi-year transformation investments, but geopolitical cost pressures and recent consumer softening create uncertainty for the near term.
Company Guidance
Management reconfirmed 2026 guidance for the group (profit weighted to H2) with the exception of sugar: group H1 revenue was £9.5bn (flat; -2% at constant currency) and adjusted operating profit £691m (down 18% cc), adjusted EPS down c.15% (benefitting from £187m buybacks YTD and a planned £250m buyback for the year, £63m remaining); they expect adjusted operating profit and adjusted EPS for the full year to be below 2025. Primark guidance is unchanged with H1 sales £4.7bn (up 2%), like‑for‑like -2.7% (UK LFL +1.3%, Continental LFL -5.6%), H1 margin 10.1% and full‑year adjusted operating margin ~10%; store rollout contributed c.4% to growth, H1 opened 11 owned stores (38 in the US total), website traffic +37%, CRM +1m to >5m, and self‑checkout now in 250 stores. Grocery sales were £2.1bn with grocery profit down ~20% cc and grocery/ingredients guidance unchanged; Ingredients showed pockets of strong growth. Sugar H1 sales were down 9% with an adjusted operating loss of £27m and management now expects sugar to deliver an adjusted operating loss for the full year. CapEx was £534m in H1 (c.40% in Primark), full‑year CapEx c.£1.2bn; balance sheet/leverage: net debt including leases c.£3.0bn (H1 2025: c.£2.77bn), leverage 1.2x, total liquidity £2.2bn (committed facilities £1.8bn), free cash flow H1 £71m (vs £27m), and a pension surplus of £1.7bn; management said Middle‑East related cost impacts are manageable in 2026 given hedges but a sustained conflict could further dampen consumer spending.
Group Revenue and Cash Flow Resilience
Group revenue of GBP 9.5bn (flat YoY at actual rates; -2% at constant currency) with free cash flow improving to GBP 71m (from GBP 27m prior year) aided by reduced Primark working capital and disciplined capital allocation.
Primark UK Turnaround and Market Share Gain
Primark sales of GBP 4.7bn (+2% overall) with UK sales up 3% and UK like-for-like +1.3%; management reports market share gains in the UK following product, price-perception and digital initiatives.
Primark Operational & Digital Progress
Website traffic up 37% and CRM database added ~1m customers to 5m+ total; Click & Collect nationwide in Great Britain and app rollout underway; self-checkouts deployed in 250 stores (~50% of estate) supporting cost optimization and CX improvements.
International Expansion and New Franchise Model
Primark opened 11 owned stores in H1 (including 5 in the US) bringing the US total to 38 stores; new franchise model launched in the Middle East with initial stores in Kuwait and Dubai trading above expectations and pipeline including Bahrain and Qatar.
Capital Allocation & Shareholder Returns
Interim dividend maintained at 20.7p (in line with last year); GBP 187m of share buybacks completed YTD with GBP 250m target for the year; balance sheet described as strong with total liquidity GBP 2.2bn and leverage 1.2x.
Focused Investment Program
Group invested GBP 534m in H1 (approx. 40% in Primark) in growth projects including depots, automation, digital and multiyear projects; full-year CapEx expected ~GBP 1.2bn aiming to support medium-term growth.
Leadership & Strategic Clarity
Permanent appointments of Eoin Tonge (Primark CEO) and Joana Edwards (Group CFO) provide continuity; Board reaffirmed commitment to Primark demerger with target timing around end-2027 (sweet spot June–Oct).
Portfolio & Food Brand Momentum
Strong performance from international food brands (Twinings, Ovaltine, Blue Dragon, Patak’s, Jordans) and high-growth niche brands (e.g., Sports Nutrition +30% sales in H1; Anthony's Goods high-teens growth), with innovation and marketing driving volume gains.

Associated British Foods (GB:ABF) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced
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GB:ABF Earnings History

Report Date
Fiscal Quarter
Forecast / EPS
Last Year's EPS
EPS YoY Change
Press Release
Slides
Play Transcript
Nov 10, 2026
2026 (Q4)
0.87 / -
0.96―――
Apr 28, 2026
2026 (Q2)
0.72 / 0.71
0.836-15.43% (-0.13)――
Nov 04, 2025
2025 (Q4)
0.90 / 0.96
1.064-9.77% (-0.10)――
Apr 29, 2025
2025 (Q2)
0.82 / 0.84
0.904-7.52% (-0.07)――
Nov 05, 2024
2024 (Q4)
1.02 / 1.06
0.79833.33% (+0.27)――
Apr 23, 2024
2024 (Q2)
0.81 / 0.90
0.6245.81% (+0.28)――
Nov 07, 2023
2023 (Q4)
0.77 / 0.80
0.6719.10% (+0.13)――
Apr 25, 2023
2023 (Q2)
0.64 / 0.62
0.638-2.82% (-0.02)――
Nov 08, 2022
2022 (Q4)
0.60 / 0.67
0.44450.90% (+0.23)――
Apr 26, 2022
2022 (Q2)
0.46 / 0.64
0.251154.18% (+0.39)――
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed

GB:ABF Earnings-Related Price Changes

Report Date
Price 1 Day Before
Price 1 Day After
Percentage Change
Apr 28, 2026
1819.50 p1844.50 p+1.37%
Nov 04, 2025
2234.72 p2168.07 p-2.98%
Apr 29, 2025
2172.78 p1973.84 p-9.16%
Nov 05, 2024
2151.07 p2219.68 p+3.19%
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does Associated British Foods (GB:ABF) report earnings?
Associated British Foods (GB:ABF) is schdueled to report earning on Nov 10, 2026, TBA (Confirmed).
    What is Associated British Foods (GB:ABF) earnings time?
    Associated British Foods (GB:ABF) earnings time is at Nov 10, 2026, TBA (Confirmed).
      Where can I see when companies are reporting earnings?
      You can see which companies are reporting today on our designated earnings calendar.
        What companies are reporting earnings today?
        You can see a list of the companies which are reporting today on TipRanks earnings calendar.
          What is the P/E ratio of Associated British Foods stock?
          The P/E ratio of Associated British Foods is N/A.
            What is GB:ABF EPS forecast?
            GB:ABF EPS forecast for the fiscal quarter 2026 (Q4) is 0.87.